White & Case, Cakmak-Gokce, and Cakmak have advised IFM Investors on its acquisition of 40% of the Mersin Port in Turkey from Akfen Holding A.S. — a deal which has now closed.
As reported by CEE Legal Matters this summer, Erdem & Erdem advised Akfen Holding on Turkish and English law matters related to the transfer of most of its shares in the port operator to the Australian fund.
It has been reported that IFM paid USD 869 million for the shares, which shrunk Akfen's shareholding to 10% in the port, with Singapore’s PSA International, the JV partner, retaining its 50% share.
The Mersin International Port, which covers a total space of 1,100,000 square meters, has 25 piers with a total length of 3,255 meters. Its piers are able to accommodate ships with up to 15-meter drafts. According to the Akfen website, "with its modern infrastructure and equipment, efficient cargo handling, vast storage area. and excellent hinterland and transshipment connections to Anatolia, the Black Sea, and the Middle East, MIP stands out as one of the most important ports of Turkey, the Middle East, and the East Mediterranean region. With its fast developing hinterland, MIP currently ranks as the biggest import and export port of Turkey."
Istanbul-based White & Case Partner Asli Basgoz co-led the firm's team on the deal with London-based White & Case Partner John Cunningham.
